Meats Futures Prices
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Grain markets are reacting to the weekend rains and cooler than expected temps. The outside markets are quiet ahead of a busy economic news week....
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Good Morning! From Allendale, Inc. with the early morning commentary for July 21, 2017 Grain markets are concentrating on the weather. On each model...
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Highly Accurate Technical Analysis for Today, 3 to 5 Days Out, 2 to 3 Weeks Out and 2 to 3 Months Out
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Live cattle futures were $1.35 to $2.55 lower with Oct and Dec limit down, after Friday’s bearish COF and Cattle inventory reports. Feeder cattle futures finished with Aug down the limit and back months $3.375 to $4.475 lower. The CME feeder cattle index was up $2.85 on July 21 to $151.03. Wholesale beef prices were higher in the afternoon report, with choice boxes up 55 cents at $207.46 and select $3.09 higher at $197.89. The Ch/Se spread has narrowed to $9.57. Estimated FI cattle slaughter was 112,000 head, 2,000 larger that last week and the same week last year. Some of the large placements numbers from Friday’s COF report could be attributed to the drought in the North. SD placements were up 67% yr/yr, with placements of all cattle under 800 lbs 26.55% larger than in June 2016. Monday’s Cold Storage report showed June 30 beef stocks 10.3% lower than in 2016 but 1.236% larger than May at 416.68 million pounds. Aug 17 Cattle closed at $113.875, down $2.550, Oct 17 Cattle closed at $114.400, down $3.000, Dec 17 Cattle closed at $115.175, down $3.000, Aug 17 Feeder Cattle closed at $148.450, down $4.500 Sep 17 Feeder Cattle closed at $148.675, down $4.475 Oct 17 Feeder Cattle closed at $147.600, down $4.350
Lean hog futures ended the day mostly 20 to 80 cents in the red. The CME Lean Hog Index for 7/20 was 33 cents lower than the previous day at $91.67. The USDA pork carcass cutout value was 57 cents lower in the Monday afternoon report, with a weighted average of $102.21. The national base hog carcass price was 93 cents lower with a weighted average of $82.39.FI hog slaughter was estimated at 413,000 head, 4,000 head fewer than the previous week and down 15,000 than the same week in 2016. Total pork frozen stocks as of June 30 were at 562.97 million pounds, down 4.01% from 2016 and 4.97% from May. Belly stocks continue to post record monthly lows, as they were at 22.291 million pounds. That is 64.57% lower yr/yr and down 29.43% from May. Aug 17 Hogs closed at $80.375, down $0.725, Oct 17 Hogs closed at $66.450, down $0.775 Dec 17 Hogs closed at $61.175, down $0.800